DALLAS – Credit Union Liquidity Services, the wholly owned CUSO for troubled Texans CU, has sold the note on the troubled Residence at Hotel Palomar, a half-filled a nine-story luxury high-rise condominium, to Westdale Capital.
The property was one of several large business developments that ran into trouble financed by the Texas credit union giant, which was taken under conservatorship a year ago by NCUA amid huge losses.
The nine-story Palomar high-rise at North Central Expressway and Mockingbird Lane was started in 2005, and financed with a $50 million loan from the credit union’s MBLs CUSO. About half of the luxury residential units have been sold and at one time the owners were renting unsold condos as apartments.
Other troubled properties financed by Texans though it’s MBL CUSO include a shopping mall in suburban Chicago, a water park resort in Tennessee, a Delaware hotel, a residential development in Mississippi, a mixed-use development in Rockwall, Texas.
